30-Year Mortgage Rates Decline

Thirty-year fixed-rate mortgages averaged 7.53% this week, down from 7.59% last week, according to a national survey released by the Federal Home Loan Mortgage Corp. It was the lowest since March 7, when rates averaged 7.38%. Rates had averaged 8.34% as recently as Sept. 5. On one-year adjustable-rate mortgages, lenders were asking an average initial rate of 5.48%, down from 5.52% last week. Fifteen-year mortgages, a popular option for those refinancing mortgages, averaged 7.06% this week, down from 7.11% a week earlier. The rates do not include points.